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Iraq wants to increase oil production capacity to 6 million barrels per day by 2027. How much is it currently producing?

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“In the oil and gas sector, Iraq is accelerating programs to achieve six million barrels a day by 2027, “the minister said in a speech at the Middle East Petroleum & Gas Conference (MPGC) in Manama, Agerpres reports.

The official recalled that the current production capacity of Iraq, the second largest producer in OPEC, after Saudi Arabia, is 4.8 million barrels per day, but currently “we produce 4.5 million tons, according to market requirements.”

Referring to the “negative environment” for energy investment, the minister stressed that Baghdad is “accelerating investment in the oil and gas sector, as well as in the solar energy sector”, in the Vision 2022-2030.

On March 5, Yabbar announced that Iraq had received $ 8.5 billion in oil exports in February, the highest figure in eight years, despite turmoil in international markets.

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On the other hand, the Iraqi minister, like his Saudi counterpart, Abdelaziz bin Salman, who in turn participated in the MPGC, said that the current price of oil does not rise to the level of that of other energy resources, such as gas and gas. electricity.

He also defended, implicitly, the policy of the Organization of the Petroleum Exporting Countries, which opposes a considerable increase in production, noting that “in OPEC we are not trying to get a price (of a barrel) but how to maintain a balance on the energy market “.

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OPEC, along with ten outside partners, including Russia, believes the market is balanced and attributes price increases to factors unrelated to production, such as the geopolitical situation.

Iraq, facing an economic crisis and electricity problems, has some of the world’s largest oil reserves. Oil accounts for about 90% of the country’s cash flow.

“Iraq is committed to remaining a major player in the energy market and will cover the lack of investment in the oil sector,” Yabbar said.

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